Solana (SOL) Price Analysis: Bulls Struggle To Clear This Key Hurdle
– Solana price started a fresh decline from the $35.00 resistance zone against the US Dollar.
– The price is now trading below $33 and the 55 simple moving average (4-hours).
– There is a key bearish trend line forming with resistance near $32.50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
– The pair could extend losses if there is a clear move below the $30.50 support zone.
Solana price is trading below $35 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $33.50 resistance zone.
SOL price made a few attempts to gain strength above the $35 resistance zone. However, the price failed to clear the $35 zone and started a fresh decline.
There was a steady decline below the $33.50 support and the 55 simple moving average (4-hours). The price declined below the $32.50 support and traded as low as $30.50.
The next major resistance sits near the $38.00 level. Any more gains might send sol price towards the $40.00 resistance zone.